International Banks will only cooperate with banks when CH VII lifts; Currency traders in Iraq will eventually pull out

29/01/ 2012

Baghdad – He specialized in
the economic importance of removing Iraq from Chapter VII imposed by the
United Nations to give Iraq in general and the Iraqi trader in
particular to deal with the international banks sober and well-known in
the process of Transfer of funds (money orders) when the importation of
goods from abroad, for fear of the vulnerability of Iraqi funds to money
laundering or to embezzlement by shell banks and informal in most
countries of the world, calling the talk (of the Agency news) to move
toward the United Nations to lift the seventh item on the Iraq.

A member of the Economic Commission MP Nora Salem:The
international banks known not to deal with Iraqi traders they deal in
huge amounts, and Iraq still implies under Chapter VII, they are afraid
of dealing with countries subject to this item

The Salem in a statement to the Agency ( news) and there is a bold
decision issued by the Economic Committee of the Council of Ministers
established the Bank shareholder participation by local and
international banks in order to facilitate the work of traders and
investors in the process of transferring large sums of money to and from
Iraq, calling for the necessity of applying for the protection of Iraqi
assets from loss, not what happened recently, as we heard that the
merchants of the Kurdistan region have to transfer money to merchants in
Iran, the rejection of one of the banks delivered the pretext that the
traders Kurds did not do the process of transfer of funds, and continued
to be the establishment of the bank and have a large capital allows
investment companies and traders Iraqis abroad transfer money to Iraq.

and called Salem Federal Government and the Parliament to move
towards the lifting of what they called “injustice item VII” for Iraq
that there are many things to Iraq, a parked because of this separation
imposed by the United Nations.

The member of the Economic Commission for Investment: that the Iraqi
trader have a significant role in the bleaching (money laundering) of
the Iraqi funds since it deals with the banks is not an official because
of the Chapter VII imposed on Iraq.

For his part, exclude a member of the Economic Commission Vice Qusay
Fri incidence of money laundering Iraq during the current period,
particularly in Baghdad, the fact that there is strict control by the
central bank to funds that go out and get into the country, but fear the
exposure of funds the Iraqi trader for embezzlement

, said Friday in a statement to the Agency (news): expanded meeting
was held between the Economic Commission representative and the
Department of Money Laundering of the central bank, and notified us of a
central bank with adequate information and the development of
processors sufficient for the emergence of any cases of money laundering
or the like.

Gom’a the absence of the phenomenon to the process of bleaching of
money, but there are operations to drain the difficult process of Iraq
as merchants Iranians and two walls as a result of the deterioration of
their currency because of political turmoil in which they live, stating:
There are traders from Syria
and Iran are withdrawing the dollar from Iraqi banks and local markets,
which led to the depletion of foreign currency in Iraq.

While stressing the economic expert as beautiful on the need to
handle the Iraqi trader with global banks sober and well-known in its
financial transactions for receiving financial guarantees under the
smuggling-money laundering, as a result of conditions the political
situation in the region, particularly in Syria and Iran.

Jameel said in a statement to the Agency (news): Iraq
still under Chapter VII, making the Iraqi trader restricted from
dealing with international banks in the process of turning his money
through the import of commodities and goods from abroad, although
that international banks provide guarantees to enter the goods matching
the specifications and they refused to deal amounts of imports of goods
poor before shipment, calling for the need to lift the seventh item on
Iraq to facilitate financial transactions with international banks.

The economist is that bank credit is a form of systems to ensure the
trader and the source delivery amounts against the shipment of goods
according to the specifications, noting that the Iraqi trader now pay
part of the exaggeration or all of the processed and shipped his goods
without the presence of safeguards and controls on the type of imported
goods to the interior, especially with Iran, which lead to money
laundering operations and other operations outside the law.

in Parallel to that, the Chairman of the Economy Bank Husam Obeid on
the importance of raising Iraq’s Chapter VII as a grant to the Iraqi
banks to deal with the international banks.

Obaid said in a statement to
the Agency (news): Iraq is still shackled to item VII of the UN which
impact on the work of Iraqi banks being given a bad reputation in its
external and international, which led to the refusal of international
banks to deal with Iraqi banks and merchant Iraqi import of goods from
abroad.

and stressed the need to
remove Iraq from Chapter VII because it gives freedom to deal with
international banks in particular countries Representative of the UN
Security Council, calling the move towards the lift for the advancement
of the Iraqi economy and Ttaiwiraml Iraqi banks.

Earlier, The Deputy Governor
of the Central Bank of the appearance of Mohammed Saleh that the entry
of global investment firms to Iraq subject to the exit of Iraq from
Chapter VII, because they are afraid to enter Iraq the implementation of
investment projects.

Salih said in an earlier statement (of the Agency news): The exit of
Iraq from Chapter VII is very necessary for the transfer of foreign
expertise and technological modern in various economic fields, the fact
that Iraq needs a network of international contractors in the
implementation of investment projects.

The benefit of to: that the local contractors who are not
experienced, which led to a delay in the implementation of many
investment projects in the country, indicating that the rate of
implementation of projects per year of (30%) due to lack of experience
and not to transfer technological modern Iraq.

He added that foreign
companies, international contractors are afraid to enter the territory
of Iraq because Iraq is still under Chapter VII and a bad reputation
generated by the item on the peoples imposed on it.

and in favor: that Chapter
VII allows the force and economic sanctions on countries that infringe
on the world peace, stressing that the international community still
believe that Iraq aggressor to world peace.

He continued in saying: It
is assumed at the exit of U.S. troops from Iraq, it gives a signal to
the international community that Iraq is safe and does not need to use
force against him, calling the move towards the United Nations to remove
Iraq from the desk of the seventh item to be a country safe open on the
world.

The Iraq when the economic blockade imposed on him in the nineties of
the last century, was placed under Chapter VII of the UN before making
it restricted his actions and financial transactions with foreign
affairs.